The resin markets floated quietly into year-end, with steady prices and few offerings, according to spot-trading platform, The Plastics Exchange (TPE). There were few new transactions completed in the holiday shortened week, and much of the market activity revolved around logistics, TPE noted, with market participants making sure producer railcars shipped ahead of the break and last-minute truckloads moved to processors. December polypropylene (PP) contracts fell $0.02/lb, while polyethylene contracts were not completely settled.
PE producers were largely unavailable near the end of the year, but this month, TPE CEO Michael Greenberg noted that PE producers could very well start asking for the next $0.06/lb increase insinuating the December nickel is finally intact, although "large buyers will beg to differ."
Energy markets ended the year on a weaker tone, as February crude oil futures shed $0.85/bbl to finish the year at $98.83/bbl. February natural gas prices fell another $0.166/mmBtu, more than 5%, to close the year at $2.981/mmBtu, the lowest front month settlement since August 2009. The crude oil : natural gas price ratio expanded further to a new record of 33.1:1....